Gold and silver prices slipped less than 1% this week
Gold and silver prices slipped less than 1% this week

Precious metals declined on Friday, resulting in weekly losses for all but platinum which still advanced nearly 8% to extend its winning streak to three weeks in a row. Weekly losses for gold, silver and palladium were their first in three.

Gold for August delivery fell $21.20, or 1.1%, to settle at $1,850.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Over the past week, spot gold rose slightly above the upper end of its trading range between the $1800 and $1850 area," said Peter Cardillo, chief market economist at Spartan Capital Securities, in a note reported by MarketWatch. "We continue see this trading range prevailing in the near-term as the dollar’s strength caps the market’s ability to break out from the trading range."

Gold prices dipped 0.4% this week after increases of 0.5% last week and 1.9% in the week ending May 20. On Thursday, the yellow metal notched a one-month settlement high. Gold is 1.2% higher on the year to date.

In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys:

"This week 15 Wall Street analysts participated in Kitco News’ gold survey. Among the participants, seven analysts, or 47%, called for gold prices to rise next week. At the same time, five analysts, or 36%, were bearish on gold in the near term, and three analysts, or 20%, were neutral on prices.

Meanwhile, 637 votes were cast in online Main Street polls. Of these, 448 respondents, or 70%, looked for gold to rise next week. Another 117, or 18%, said lower, while 72 voters, or 11%, were neutral in the near term."

Elsewhere, silver for July delivery dropped 36.7 cents, or 1.7%, to close at $21.908 an ounce. Silver prices shed 0.9% this week following gains of 2% last week and 3.2% in the week ending May 20. Like gold, silver prices ended Thursday at their best level in a month. They are now 6.2% lower on the year.

In PGM prices on Friday and for the week:

  • July platinum lost $12, or 1.2%, to end at $1,016.40 an ounce, but posted a 7.8% weekly gain.

  • Palladium for September delivery tumbled $61.60, or 3%, to end at $1,985.90 an ounce, for a 3.4% weekly loss

Both metals are higher on the year so far with advances of 5.2% for platinum and 3.9% for palladium.

US Mint Bullion Sales in 2022

Published U.S. Mint bullion sales were unchanged this week. Last week, the Mint reported gains of:

  • 46,000 ounces in American Gold Eagles
  • 15,500 ounces in American Gold Buffalos
  • American Silver Eagles were flat

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Friday / Week / June Last Week March April May 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 44,500 140,500 80,500 137,500 568,000
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 5,000 3,000 5,000 58,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 14,000 8,000 110,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 75,000 25,000 50,000 370,000
$50 American Buffalo 1 Oz Gold Coin 0 15,500 64,500 27,500 52,000 234,000
$1 American Eagle 1 Oz Silver Coin 0 0 1,080,500 850,000 850,000 9,281,500
$100 American Eagle 1 Oz Platinum Coin 0 0 14,200 0 0 40,000
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0

CoinNews will take a one-week break from publishing precious metals pricing articles.


Notify of

Inline Feedbacks
View all comments

It’s lonely without Kaiser Wilhelm and SENSA. They made these comments interesting.

Jeff Legan

Hi Antonio,
I miss them too, but one thing I do not miss is the insults SENZA used to throw around when you dared to disagree or point out inconsistencies in his statements. I do not think I have witnessed an insult on this site since SENZA went AWOL. I am finding that aspect of his absence pleasant. I do miss his point of view, though.


Yes, not all his comments were insults. It’s much quieter now.




It really is a much quieter time here in the comments section. Their meme usage and AC/DC references are sorely missed though I too could do without the occasional political commentary.


Yes, agree. Also Rich’s Crickets. I thought to add that but then decided not to. Glad someone did. It’s like my basement after dark, but we won’t go there.